News
CLOUDY WITH A CHANCE OF APARTMENTS
March 13, 2012
| Condos in Seattle aren't exactly a scarce commodity (in fact they fall just behind rainwater and bikes in terms of popularity), but condo projects? Different story. Market experts predict it'll be awhile before we see new condos that haven't already begun construction. Meantime, several projects that began as condos are emerging as apartments. |
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| Above, the pretty rendering for what may be Belltown's longest-planned condo building, which will finally be built as—you guessed it—apartments. The 24-story, $95M Viktoria Apartments at 1915 Second Ave is a development more than six years in the making. Along the way, it has survived recession, foreclosure, and a short game of pass-the-project: started by Intracorp in 2005, The Vik will be completed by Goodman Real Estate and Harbor Urban in 2013. |
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| Another example: Jasper by Alta, a new 91-unit complex in Wedgwood scheduled to deliver this summer, was originally intended as a condo project by Murray Franklyn; it was bought by Wood Partners during the recession. Jasper is Wood's first foray into residential in Seattle, but it's unlikely to be the last—Wood development VP Steve Orser tells us Wood is also doing a high-rise in Belltown and working on another new development in the area. Steve, who lives in Madrona, says Wedgwood has a small but thriving business district near UW and Seattle Children's Hospital. The city is thirsting for new apartments, especially in underserved neighborhoods like Wedgwood, Steve says, given that last year only 500 market rate units opened up in the entire region (or half the number of residential units Steve helped contribute to Seattle as a director of development at Harbor Properties). |
